昀冢科技(688260) - 2025 Q2 - 季度财报

Definitions This section defines company abbreviations, technical terms (e.g., CCM, VCM, CMI), key customers, and partners, specifying the reporting period as January 1 to June 30, 2025 Definitions of Common Terms This chapter defines company entity abbreviations, professional terms (such as CCM, VCM, CMI), and key customers and partners used in the report, clarifying the reporting period from January 1 to June 30, 2025 - The reporting period is defined as January 1 to June 30, 2025[11] - The report provides detailed explanations of core technical terms such as CCM (Camera Module), VCM (Voice Coil Motor), and CMI (Chip Mounting Integration), aiding in understanding the technical composition of the company's main business[11] Company Profile and Key Financial Indicators This section provides the company's basic information, contact details, disclosure channels, and stock overview, along with key financial data and indicators Company Basic Information This chapter provides the company's basic business registration information, contact details, information disclosure channels, and stock overview, with the company abbreviated as Yunzhuo Technology and stock code 688260 listed on the STAR Market of the Shanghai Stock Exchange Company Basic Information | Item | Information | | :--- | :--- | | Company Full Chinese Name | Suzhou Yunzhuo Electronic Technology Co., Ltd. | | Company Chinese Abbreviation | Yunzhuo Technology | | Stock Exchange | Shanghai Stock Exchange STAR Market | | Stock Code | 688260 | Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue decreased by 17.66% year-on-year to $246.16 million, and net profit attributable to parent company shareholders expanded to a loss of -$99.94 million, primarily due to delayed consumer electronics orders and MLCC project investments Key Accounting Data and Financial Indicators | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | $246,157,614.49 | $298,950,164.35 | -17.66% | | Net Profit Attributable to Shareholders of Listed Company | -$99,936,540.66 | -$27,549,222.02 | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) | -$104,182,022.70 | -$85,105,302.68 | Not Applicable | | Net Cash Flow from Operating Activities | -$24,226,355.62 | -$53,495,212.73 | Not Applicable | | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change | | Basic Earnings Per Share ($/share) | -0.8328 | -0.2296 | Not Applicable | | Weighted Average Return on Net Assets (%) | -57.29% | -8.43% | Decrease of 48.86 percentage points | | R&D Investment as % of Operating Revenue (%) | 20.04% | 19.18% | Increase of 0.86 percentage points | - The primary reasons for the company's revenue decline and expanded losses include delayed release of new consumer electronics models, the company's proactive optimization of customer orders, the de-consolidation of Chizhou Yunsan's revenue, and significant upfront investment and high fixed costs for the MLCC project[21] - Despite the overall revenue decline, Q2 revenue reached $146 million, representing a 45.37% sequential growth, reversing the Q1 downturn[20] - Net cash flow from operating activities improved, mainly due to the company's focus on its core business, optimization of the semiconductor lead frame business (relinquishing control of Chizhou Yunsan), and strengthened cash management[22] Non-Recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to $4.25 million, primarily from government grants of $4.56 million recognized in current profit or loss Non-Recurring Gains and Losses | Non-Recurring Gains and Losses Item | Amount ($) | | :--- | :--- | | Disposal gains and losses of non-current assets | 328,231.64 | | Government grants recognized in current profit or loss | 4,563,405.42 | | Other non-operating income and expenses | -75,493.71 | | Less: Income tax impact | 235,513.16 | | Less: Impact on minority interests (after tax) | 335,148.15 | | Total | 4,245,482.04 | Management Discussion and Analysis This section discusses the industry, main business operations, core competencies, and risk factors, providing an in-depth analysis of the company's performance Industry and Main Business Overview The company operates in the precision electronic components manufacturing industry, with its main business covering consumer electronics, electronic ceramics, and automotive electronics, where consumer electronics is a pillar industry primarily serving smartphone camera modules - The company's main business is divided into three segments: consumer electronics (pillar industry), electronic ceramics, and automotive electronics[27] - Consumer electronics products primarily include Voice Coil Motors (VCM) and Camera Module (CCM) components for smartphones, with CMI parts as core products, now in their fourth generation, maintaining an industry-leading position[27][28] - Automotive electronics products mainly consist of controllers for chassis-by-wire braking systems (ABS, ESC, ONE-BOX) and steering system components[29] - The electronic ceramics business is divided into MLCC (Multi-Layer Ceramic Capacitors) and DPC (Direct Plated Copper Ceramic Substrates), covering consumer electronics, automotive electronics, communications, and laser applications[30] Discussion and Analysis of Operations During the reporting period, the company's total revenue was $246.16 million, a 17.66% year-on-year decrease (8.96% decrease after excluding consolidation impact), but Q2 saw a 45.37% sequential growth, indicating business recovery, with electronic ceramics and automotive electronics emerging as new growth drivers - Consumer electronics business experienced a significant recovery in Q2, with sequential sales revenue growth of approximately 48%, primarily driven by substantial revenue growth in core CMI and CCMI businesses[37] - Electronic ceramics business (MLCC and DPC) saw synergistic growth, with operating revenue increasing from $12.16 million in the prior year period to $66.75 million, a substantial year-on-year increase of 448.91%, with DPC business achieving profitability[39][40] - Automotive electronics business achieved operating revenue of $38.44 million, a year-on-year increase of approximately 30.95%, having passed certifications with customers like BYD and Nexteer, and secured orders from leading domestic new energy vehicle clients[38][41] - Subsidiary Chizhou Yunsan introduced external investors, including local state-owned capital, through capital increase and share expansion, receiving $55 million from a Guoyuan Equity fund, which will support the development of MLCC and other projects[41][42] Core Competitiveness Analysis The company's core competitiveness lies in its technology and R&D, product barriers, customer resources, and talent advantages, possessing full-chain technical capabilities and equipment self-development, with high technical barriers for its CMI products and strong relationships with leading customers - The company possesses full-chain technical capabilities in injection molding, stamping, SMT packaging, and automated testing, along with independent equipment development capabilities, resulting in significant manufacturing cost advantages[43] - The core CMI product has been developed to the fourth generation, featuring high technical barriers, with no domestic or international competitors since the second generation, demonstrating a clear differentiated competitive advantage[43] - During the reporting period, HD-CMI (fourth-generation CMI) products continued commercialization; CCMI products achieved mass production with a "multi-coil + multi-Hall + dual-driver IC" architecture; high thermal conductivity ceramic heat sink product yield improved by 10%; and subsidiary Chizhou Yunsan obtained IATF 16949 automotive industry quality management system certification[54][55] R&D Investment | R&D Investment | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Total R&D Investment | $49,334,828.78 | $57,346,444.23 | -13.97% | | Total R&D Investment as % of Operating Revenue (%) | 20.04% | 19.18% | Increase of 0.86 percentage points | Intellectual Property | Intellectual Property | New Acquisitions (Units) in Current Period | Cumulative Acquisitions (Units) | | :--- | :--- | :--- | | Invention Patents | 8 | 65 | | Utility Model Patents | 9 | 199 | | Software Copyrights | 1 | 13 | | Others (Trademarks) | 6 | 95 | | Total | 24 | 372 | Risk Factors The company faces multiple risks, including performance decline due to high MLCC project investment, intensified industry competition, rapid product iteration, raw material price fluctuations, high customer concentration, and significant financial risks related to accounts receivable and fixed asset investments - Performance Risk: The MLCC project involves substantial upfront investment and high depreciation costs, leading to the company's current loss-making status and the risk of continued performance decline[70] - Operational Risk: The company faces risks such as raw material price fluctuations, slower-than-expected expansion into new markets (e.g., automotive electronics), product price reductions, and high concentration of direct and end customers[72][73] - Financial Risk: As of the end of the reporting period, accounts receivable had a book value of $153 million, accounting for 10.41% of total assets; fixed assets had a book value of $836 million, accounting for 56.91% of total assets, both posing risks. Additionally, short-term borrowings of $347 million and long-term borrowings of $497 million indicate certain debt repayment pressure and liquidity risk[76][77] - Macro-environmental Risk: Uncertainties in the international trade environment may affect end-customer demand, adversely impacting the company's performance growth[77] Analysis of Main Business This chapter further elaborates on the company's operational performance through an analysis of financial statement item changes and asset-liability status, showing a decrease in operating revenue while operating costs remained largely stable, and various expenses declined Key Financial Statement Items | Item | Current Period Amount ($) | Prior Year Period Amount ($) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 246,157,614.49 | 298,950,164.35 | -17.66 | | Operating Cost | 243,301,183.69 | 242,514,999.08 | 0.32 | | Administrative Expenses | 26,678,484.74 | 35,267,785.65 | -24.35 | | R&D Expenses | 49,334,828.78 | 57,346,444.23 | -13.97 | | Net Cash Flow from Financing Activities | 60,656,943.54 | 148,665,265.56 | -59.20 | - The balance sheet shows that the ending balance of construction in progress increased by 47.44% compared to the end of the previous year, mainly due to increased investment in equipment and other fixed assets. Other payables increased by 2309.57%, primarily due to increased borrowings from shareholders[82][83] - The company's significant non-equity investment is the "Multi-Layer Ceramic Capacitor Project," with a total investment of $1.124 billion, of which $36.53 million was invested during the reporting period, bringing the cumulative investment to $633 million[86] Corporate Governance, Environment, and Society This section covers changes in corporate governance, including board member adjustments, and outlines the company's half-year profit distribution and equity incentive plans Corporate Governance Status During the reporting period, there was a change in the company's board of directors, with Mr. Fang Hao resigning due to personal reasons and Mr. Ji Chunyong being elected as a new non-independent director; the company has no half-year profit distribution or capital reserve to share capital increase plan, nor has it implemented new equity incentive plans - Director Fang Hao resigned, and Ji Chunyong was elected as a new director[92] - The board of directors resolved not to distribute profits for this half-year, nor is there a plan for capital reserve to share capital increase[93] Significant Matters This section details the fulfillment of commitments, significant litigation, related-party transactions, and major contracts, including guarantees for subsidiaries Fulfillment of Commitments During the reporting period, the company and related parties strictly fulfilled various commitments made during the initial public offering and subsequent equity incentive plans, including share lock-up, share price stability, profit distribution, and standardized related-party transactions, with no breaches of commitments - The commitments made by the company's actual controller, shareholders, related parties, and the company itself, either during or continuing into the reporting period, have all been strictly fulfilled[97] Significant Litigation and Arbitration Matters The company sued Suzhou Shengxin Precision Technology Co., Ltd. and others for infringement of trade secrets, seeking $50 million in damages; the first-instance judgment ordered the defendants to cease infringement and pay $4.79 million, but the company, dissatisfied with the ruling, has appealed to the Jiangsu Provincial High People's Court - The company filed a lawsuit for trade secret infringement, and the first-instance judgment awarded $4.79 million in compensation, but the company, dissatisfied with the ruling, has appealed, requesting a revised judgment to support all claims (compensation of $50 million)[134] Significant Related-Party Transactions During the reporting period, a significant related-party transaction occurred where Mr. Wang Bin, the company's controlling shareholder and actual controller, provided all proceeds from a partial stock inquiry transfer as an interest-free financial aid to the company to support its development - Mr. Wang Bin, the company's controlling shareholder and actual controller, provided the proceeds from a partial stock inquiry transfer as interest-free financial assistance to the company, with a validity period of no less than one year[138] Significant Contracts and Their Performance As of the end of the reporting period, the company's total guarantee balance for subsidiaries was $613 million, accounting for 365.18% of the company's net assets, with $603 million provided for guaranteed entities (primarily Chizhou Yunsan) with an asset-liability ratio exceeding 70% Total Guarantee Amount | Total Guarantee Amount | Amount ($) | | :--- | :--- | | Total Guarantees (A+B) | 612,953,088.85 | | Total Guarantees as % of Company's Net Assets (%) | 365.18% | | Of which: Debt Guarantees Provided for Guaranteed Entities with Asset-Liability Ratio Exceeding 70% (D) | 602,953,088.85 | Share Changes and Shareholder Information This section provides an overview of the company's shareholder structure, including the total number of shareholders and changes in holdings by directors, supervisors, senior management, and core technical personnel Shareholder Information As of the end of the reporting period, the company had a total of 6,153 common shareholders, with Suzhou Yunsan, Wang Bin, Suzhou Yun'er, Suzhou Yunsi, and Suzhou Yunyi being the main holders, all holding tradable shares, and Wang Bin and his four controlled partnerships forming a concerted action relationship - As of the end of the reporting period, the company had a total of 6,153 common shareholders[149] Top Five Shareholders | Shareholder Name (Top Five) | Shares Held at Period End (Shares) | Percentage (%) | | :--- | :--- | :--- | | Suzhou Yunsan Enterprise Management Consulting Partnership (Limited Partnership) | 10,064,830 | 8.39 | | Wang Bin | 10,023,220 | 8.35 | | Suzhou Yun'er Enterprise Management Consulting Partnership (Limited Partnership) | 9,911,830 | 8.26 | | Suzhou Yunsi Enterprise Management Consulting Partnership (Limited Partnership) | 9,556,490 | 7.96 | | Suzhou Yunyi Enterprise Management Consulting Partnership (Limited Partnership) | 7,865,650 | 6.55 | Changes in Shareholdings of Directors, Supervisors, Senior Management, and Core Technical Personnel During the reporting period, some directors, supervisors, senior management, and core technical personnel experienced changes in their shareholdings, with Chairman Wang Bin reducing his holdings by 3.3 million shares through inquiry transfer, and Director Fang Hao and Supervisor Wang Qingjing reducing their holdings by 519,000 and 393,000 shares respectively through secondary market sales Changes in Shareholdings of Directors, Supervisors, Senior Management, and Core Technical Personnel | Name | Position | Change in Shares Held During Reporting Period (Shares) | Reason for Change | | :--- | :--- | :--- | :--- | | Wang Bin | Chairman, General Manager, Core Technical Personnel | -3,300,000 | Inquiry Transfer | | Fang Hao | Director | -519,000 | Secondary Market Sale | | Wang Qingjing | Supervisor | -393,000 | Secondary Market Sale | Bond-Related Information This section confirms that the company has no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period Bond Information During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no corporate bonds or convertible corporate bonds[159] Financial Report This section presents the company's unaudited consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owner's equity Financial Statements This chapter provides the company's unaudited consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owner's equity, showing total assets of $1.469 billion, total liabilities of $1.318 billion, and total owner's equity attributable to the parent company of $168 million as of the end of the reporting period - The financial report for this half-year is unaudited[5][161] Consolidated Balance Sheet Key Items | Consolidated Balance Sheet Key Items | June 30, 2025 ($) | December 31, 2024 ($) | | :--- | :--- | :--- | | Total Assets | 1,468,831,952.82 | 1,531,650,235.44 | | Total Liabilities | 1,317,997,833.77 | 1,332,925,327.24 | | Total Equity Attributable to Parent Company Owners | 167,850,671.91 | 222,913,009.96 | Basis of Financial Statement Preparation and Accounting Policies The financial statements are prepared on a going concern basis, with the company noting that current liabilities exceed current assets by $414 million, indicating short-term debt pressure, but the board believes various financing channels will ensure continued operations; this chapter also details the accounting standards followed and specific accounting policies for revenue recognition, R&D expenses, and financial instruments - The company prepares its financial statements on a going concern basis but discloses that current liabilities exceed current assets by $414 million, indicating liquidity risk. The company plans to address this by increasing financing channels, obtaining government support, and strengthening cash flow management[194][456] - The company's revenue recognition policies are: domestic sales of precision electronic components and lead frames are recognized upon customer acceptance and verification; export sales are recognized upon completion of export customs declaration; mold development is recognized upon customer approval; electroplating processing is recognized upon completion of service and verification; MLCC sales are recognized upon customer acceptance[263] Notes to Consolidated Financial Statement Items This chapter provides detailed notes to the consolidated financial statements, categorizing and explaining major items in the balance sheet, income statement, and cash flow statement, highlighting accounts receivable of $166 million (with $13.02 million in bad debt provisions), inventory of $109 million, fixed assets of $836 million, construction in progress of $83.76 million (mainly for production base expansion and MLCC project), short-term borrowings of $347 million, and long-term borrowings of $497 million - The ending book balance of accounts receivable is $166 million, with 90.9% being within one year. The top five accounts receivable by debtor collectively account for 54.67% of the total[290][296] - The ending book value of inventory is $109 million, an increase from the beginning of the period, with raw materials, work-in-progress, and finished goods all showing varying degrees of growth. The ending balance of inventory impairment provisions is $23.88 million[317] - The ending balance of construction in progress is $83.76 million, with major projects including Kunshan factory building ($47.26 million), automotive electronics and MLCC Phase I project ($24.16 million), and production base expansion ($9.34 million)[335]